Metal Bulletin reported that cobalt reached its highest price in about three months, largely because market participants believe China’s State Reserve Bureau (SRB) plans to continue building its stockpiles of the metal.
The SRB recently purchased 50 tonnes of cobalt.
As quoted in the market news:
Low-grade cobalt prices moved up to the $15-per-lb level for the first time since April as a result, trading up $14.25-15 per lb on July 18, compared with $14-14.90 per lb on July 16. On July 11 Metal Bulletin reported that China’s SRB would start making metal purchases, with some suggesting that the state-owned stockpile might buy as much as 1,000 tonnes.